XML 21 R9.htm IDEA: XBRL DOCUMENT v3.25.3
REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Generally, the Company recognizes revenue on a point-in-time basis when the Company transfers control of the goods to the customer. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

Disaggregated Revenue

Three Months Ended September 30, 2025
In millionsPackaging Solutions North AmericaPackaging Solutions EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,738 $— $15 $3,753 
Europe, Middle East and Africa— 2,310 (1)2,309 
Pacific Rim and Asia5 — — 5 
Americas, other than U.S.155 — — 155 
Total$3,898 $2,310 $14 $6,222 
(a) Net sales are attributed to countries based on the location of the seller.

Three Months Ended September 30, 2024
In millionsPackaging Solutions North AmericaPackaging Solutions EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,464 $— $17 $3,481 
Europe, Middle East and Africa— 322 — 322 
Pacific Rim and Asia17 — — 17 
Americas, other than U.S.159 — — 159 
Total$3,640 $322 $17 $3,979 
(a) Net sales are attributed to countries based on the location of the seller.
Nine Months Ended September 30, 2025
In millionsPackaging Solutions North AmericaPackaging Solutions EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$10,900 $— $18 $10,918 
Europe, Middle East and Africa— 6,151 (1)6,150 
Pacific Rim and Asia25 — — 25 
Americas, other than U.S.535 — — 535 
Total$11,460 $6,151 $17 $17,628 
(a) Net sales are attributed to countries based on the location of the seller.

Nine Months Ended September 30, 2024
In millionsPackaging Solutions North AmericaPackaging Solutions EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$10,153 $— $161 $10,314 
Europe, Middle East and Africa— 998 — 998 
Pacific Rim and Asia50 — — 50 
Americas, other than U.S.551 — — 551 
Total$10,754 $998 $161 $11,913 
(a) Net sales are attributed to countries based on the location of the seller.

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments are received during the fourth quarter each year for goods that will be transferred to customers over the following twelve months. Contract liabilities of $21 million and $30 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025 and December 31, 2024, respectively. The Company also recorded a contract liability of $115 million related to a previous acquisition. The balance of this contract liability was $78 million and $84 million at September 30, 2025 and December 31, 2024, respectively, and is recorded in Other current liabilities and Other Liabilities in the accompanying condensed consolidated balance sheet.

The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive prepayment from the customer, respectively.